Bitcoin

Read

Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) has been hovering in the bearish zone after a series of massive selloffs triggered a market-wide downturn. 
BTC is up by 0.6% in the past 24 hours and is trading at $58,180 at the time of writing. The asset’s market cap is sitting at $1.14 trillion. Data shows that the BTC daily trading volume increased by 42%, reaching $29.5 billion. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14283554"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Bitcoin-BTC-14.09.34-08-Jul-2024-1024x347.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/07/Bitcoin-BTC-14.09.34-08-Jul-2024-1024x347.png" alt="BTC is oversold while price volatility declines - 19"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC price, whale activity, RSI and open interest – July 8 | Source: Santiment
 </figcaption>
</figure> 
According to data provided by Santiment, the Bitcoin total open interest dropped from $10.29 billion to $10 billion over the past day. The decline comes as the amount of BTC liquidations reached $148 million. 
 You might also like: <a href="https://crypto.news/scammers-drain-1-7m-claiming-to-be-coinbase-employees/"> Scammers drain $1.7m claiming to be Coinbase employees </a> 
Data from Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">shows</a> that $100 million worth of short and $48 million in long BTC trading positions have been liquidated in the past 24 hours. The single largest liquidation, worth $22.24 million in BTC-USDT-swap, happened on the OKX crypto exchange. 
As the open interest declines, lower price volatility would be expected for <a href="https://crypto.news/why-bitcoin-could-stay-low-until-october-what-analysts-are-saying/">Bitcoin</a> as the amount of liquidations decreases.&nbsp; 
Per Santiment data, the BTC Relative Strength Index (RSI) is currently sitting at 30. The indicator shows that the flagship cryptocurrency is oversold at this price point. Moreover, the RSI combined with the declining open interest could hint at a short-term price hike for Bitcoin. 
As Bitcoin fell below the $54,000 mark on July 5, its whale activity also decreased significantly. According to Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC plunged from 11,648 on July 5 to 6,063 unique transactions at the time of writing. 
It’s important to note that the market-wide bearish momentum was majorly triggered by the BTC selloffs over the past three weeks. Crypto.news reported that the U.S. government, the <a href="https://crypto.news/german-government-moves-56-65m-in-btc-amid-market-wide-fud/">German government</a> and the now-defunct crypto exchange Mt. Gox have <a href="https://crypto.news/germany-transfers-40-million-bitcoin-ongoing-sell-off/">moved</a> over $1 billion worth of Bitcoin since June 19.&nbsp; 
 Read more: <a href="https://crypto.news/altcoins-brett-pepe-wif-and-jup-plummet-10-as-bitcoin-drops-4/"> Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4% </a>

BTC is oversold while price volatility declines

crypto.news

Other articles published on Jul 8, 2024

Crypto Enthusiasts Turn to Qubetics Whitelist as Polygon and Solana Bow Down to Challenges

Bitcoin Price Drops 4% to $55,280 due to Global Factors

Water Price Prediction: WATER Plunges 68% As Analysts Say This P2E Presale Might Be The Best Cryp...

Hamster Kombat HMSTR Now Ready for Bybit Pre-Market Trading

Analyst Highlights Bitcoin’s Current Challenges and Potential Recovery

BONK Investors Turn Bearish as Price Faces Potential Drawdown

Join our free newsletter for daily crypto updates!